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11. SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
11. SUBSEQUENT EVENTS

Subsequent to March 31, 2014, pursuant to a private placement, the Company issued 366,666 shares of common stock for cash with a per share price of $0.15 per share or $55,000. Additionally, as a part of the offering price, the Company issued 366,666 warrants, each with an exercise price of $0.15 per share and a 3 year term.

 

On April 2, 2014, Mr. John “Jack” Schneider accepted an appointment as a new director of the Company effective April 2, 2014. In consideration for Mr. Schneider’s acceptance to serve as a director of the Company, the Company granted 1,000,000 restricted shares of its common stock to him, subject to the terms and conditions set forth in the Restricted Stock Grant Agreement including but not limited to the following vesting schedule: 166,672 shares on April 2, 2014 and then 69,444 shares on the last day of each calendar quarter thereafter commencing on June 30, 2014. The total value of this stock grant is $0.15 per share (based on contemporaneous cash sales prices) or $150,000. The share value will be expensed proportionately as the shares vest.